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RIL - for the race, says -watch me now (1)   16-May-08 09:19Tracked by (0)  
Posted by:   stox & more on ( 16-May-08 09:19 )
Price : BSE: Rs 2622.65 ( 3.66 % ), NSE: Rs. 2622.95 ( 3.64 % )
While the results reported by Reliance Industries Ltd (RIL) seem to be a tad below what analysts had estimated, there are some strong undercurrents that could fuel the fortunes of the company in the coming year.

A survey of 23 analysts, carried out by Bloomberg, estimated a Rs 4,000-crore net profit-level and RIL reported a net profit of Rs 3,912-crore (excluding the extraordinary gains). The earnings-per-share (EPS) grew from Rs 21.7 in the last quarter of FY07 to Rs 26.9 in this quarter. However, there are several positives. One of them is the Jamnagar refinery having processed 31.8 million tonne of crude with an average utilisation rate of 96.4%.

This was significantly higher than the average utilisation rate for refineries globally, said the company. The gross refining margin (GRM) for the year was $15/bbl as compared to $11.7/ bbl in the previous year. And this is significantly higher than the Singapore benchmark of around $7/bbl. The superior configuration at the Jamnagar refinery allowed RIL the flexibility to focus on the production of middle-distillate products (gasoil and jet/kerosene) where margins remained firm with strong global demand, said the company.

Margins for complex refineries continue to remain strong, supported by tightened product Markets, strong margins for light products and unplanned outages by large refiners. This allowed the company to sustain a huge input-cost rise in cracking. Naphtha, analysts add, has risen by 38% in the past year. Going ahead, analysts reckon that the fast implementation of its refinery project in the next year will buoy the margins further and the share of oil and gas revenues will rise from the current 2% share.

*courtesy Fin. Exp*
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